Jindal Steel shares up 3 per cent after Naveen Jindal gets bail in coal scam case

Jindal Steel and Power shares jumped over 3 per cent to Rs 142 in morning trade on Friday after chairman Naveen Jindal got bail from the special court in coal scam case.

Jindal was summoned over alleged irregularities in the allocation of a coal mining block in Jharkhand.

In the past one year, share price of the company has plunged 52 per cent from Rs 287.70 to Rs 136.25 (on May 21). The scrip has touched a high of Rs 340.15 on June 9, 2014, and low of Rs 129.10 on December 17, 2014.

The key benchmark index Sensex has jumped 14.45 per cent during the same period.

For the quarter ended March 2014, Jindal Steel and Power registered net loss of Rs 669.6 crore against net profit of Rs 365.58 crore in the corresponding quarter a year. The company will announce it Q4 FY15 earnings figures on May 27.

Shares of JSPL closed the day at Rs 137.70, 1.06 per cent higher against its previous close.